S. 673Senate110th Congress (2007-2009)In Committee

Rural Wind Energy Development Act

Introduced February 16, 2007

Legislative Activity

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3 earlier actions
SenateIntro Referral Latest Action

Sponsor introductory remarks on measure. (CR S3733-3735)

March 26, 2007

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SenateIntro Referral

Introduced in Senate

February 16, 2007

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S2179)

February 16, 2007

SenateIntro Referral

Read twice and referred to the Committee on Finance.

February 16, 2007

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S3733-3735)

March 26, 2007

Floor Debate

21 members

What members said about S. 673 on the floor

10 Republicans10 Democrats1 Independent
Byron L. Dorgan
Sen. Byron L. DorganD-ND · Dec 12, 2007

Madam President, I rise with my colleague from Iowa, Senator Grassley, and others who will be here to discuss the Dorgan- Grassley-Ben Nelson, et al, amendment we put together to this bill. Let me…

Edward M. Kennedy
Sen. Edward M. KennedyD-MA · Dec 12, 2007

Madam President, how much time do we have? I yield myself 10 minutes. Madam President, I came over to speak on an extremely important issue dealing with the public safety of employer-employee…

Chuck Grassley
Sen. Chuck GrassleyR-IA · Dec 12, 2007

Mr. President, I ask unanimous consent to speak for 5 minutes. Mr. President, I wish to speak in support of a provision in the bill that the amendment before us is going to strike, the Farm and Ranch…

Lamar Alexander
Sen. Lamar AlexanderR-TN · Dec 12, 2007

I have up to 30 minutes to describe these two amendments, and then other Senators have time, I assume, to oppose the amendments. What I will do is-- Yes. Mr. President, I suggest the absence of a…

Blanche L. Lincoln
Sen. Blanche L. LincolnD-AR · Dec 12, 2007

Madam President, I rise today in opposition to the Dorgan-Grassley amendment before us. But before I explain why, I do want to say I have tremendous respect for my colleagues from North Dakota and…

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Richard J. Durbin
Sen. Richard J. DurbinD-IL · Dec 12, 2007

I announce that the Senator from Delaware (Mr. Biden), the Senator from New York (Mrs. Clinton), the Senator from Connecticut (Mr. Dodd), and the Senator from Illinois (Mr. Obama) are necessarily…

Judd Gregg
Sen. Judd GreggR-NH · Dec 12, 2007

Will the Senator yield for a question? Mr. President, I ask unanimous consent for 3 minutes to respond to the Senator from Iowa who referred to me in his comments. Mr. President, I find it extremely…

Saxby Chambliss
Sen. Saxby ChamblissR-GA · Dec 12, 2007

Madam President, I think the issue is as to what time those votes will take place. As I understand the unanimous consent request, it is following the debate on the Grassley-Dorgan amendment that we…

Ken Salazar
Sen. Ken SalazarD-CO · Mar 26, 2007

Mr. President, I come to the Senate floor to speak about the issue of energy and the importance of this Senate and this Congress and this country moving forward with an authentic picture with respect…

Barbara Boxer
Sen. Barbara BoxerD-CA · Dec 12, 2007

Mr. President, I rise in opposition to Gregg amendment No. 3672. This amendment irresponsibly strips $15 million in funding for an asparagus market loss program to help asparagus producers who have…

John Cornyn
Sen. John CornynR-TX · Dec 12, 2007

Mr. President, I express my appreciation to the senior Senator from New Hampshire for bringing this important amendment to the Senate floor. We just heard from the distinguished assistant majority…

Bernard Sanders
Sen. Bernard SandersI-VT · Dec 12, 2007

Mr. President, let me begin by concurring with much of what Senator Salazar has said. I have a lot of respect for Senator Alexander. I have worked with him on some issues, and I look forward to…

Ken Salazar
Sen. Ken SalazarD-CO · Dec 12, 2007

Will the Senator from Tennessee yield for a question? Mr. President, I had understood that the order we were following would be to consider Alexander amendment 3553 with 10 minutes of debate time. If…

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Wayne Allard
Sen. Wayne AllardR-CO · Dec 12, 2007

Mr. President, I thank Senator Gregg from New Hampshire for his amendment. This is a commonsense amendment, and I think it is entirely appropriate to have it on the agriculture bill because it is one…

Tom Harkin
Sen. Tom HarkinD-IA · Dec 12, 2007

Mr. President, I move to reconsider the vote and move to lay that motion on the table The motion to lay on the table was agreed to. I suggest the absence of a quorum. Mr. President, I ask unanimous…

Patrick J. Leahy
Sen. Patrick J. LeahyD-VT · Dec 12, 2007

Mr. President, I oppose the amendment offered by Senator Gregg, among others. It is certainly not within the jurisdiction of the Senate Agriculture Committee, on which I have the honor to serve, but…

Tom Coburn
Sen. Tom CoburnR-OK · Dec 12, 2007

Mr. President, I wanted to speak for a few minutes on the Gregg amendment simply because I have unique personal experience with it. I am now somewhere close or over having delivered 4,000 children.…

Patty Murray
Sen. Patty MurrayD-WA · Dec 12, 2007

Mr. President, I have come to the floor to talk about two amendments to the farm bill proposed by the Senator from New Hampshire. These amendments would have devastating impacts on farmers in my home…

Kay Bailey Hutchison
Sen. Kay Bailey HutchisonR-TX · Dec 12, 2007

Mr. President, I ask unanimous consent that the order for the quorum call be rescinded. Mr. President, I rise to speak in favor of the amendment that is pending because I do believe that if we can…

John E. Sununu
Sen. John E. SununuR-NH · Dec 12, 2007

Mr. President, I rise in support of Senator Gregg's amendment. This is a frustrating issue because there are many factors that contribute to the lack of physicians who serve rural areas of America.…

Ken Salazar
Sen. Ken SalazarD-CO · Feb 16, 2007

Mr. President, today I am introducing two bills that will help drive the renewable energy revolution that is currently underway in our rural communities. The Rural Community Renewable Energy Bonds…

Ken Salazar
Sen. Ken SalazarD-CO · Feb 16, 2007

Mr. President, today I am introducing two bills that will help drive the renewable energy revolution that is currently underway in our rural communities. The Rural Community Renewable Energy Bonds…

Jack Reed
Sen. Jack ReedD-RI · Feb 16, 2007

Mr. President, I am pleased to join my colleague, Senator Roberts, along with Senators Kennedy, Burr, Murray, Clinton, Brown, Bingaman, Collins, Isakson, and Biden in introducing the Trauma Care…

John Barrasso
Sen. John BarrassoR-WY · Dec 12, 2007

Madam President, I ask unanimous consent for 5 additional minutes. Madam President, today I join my colleagues to address an issue that is crippling America's health care system; that is, out-…

Bill Text

Latest available legislative text

Reading Mode
Latest
Introduced in SenateIssued February 16, 2007

II

110th CONGRESS

1st Session

S. 673

IN THE SENATE OF THE UNITED STATES

February 16, 2007

Mr. Salazar (for himself, Mr. Smith, Mr. Dorgan, and Mr. Craig) introduced the following bill; which was read twice and referred to the Committee on Finance

A BILL

To amend the Internal Revenue Code of 1986 to provide credits for the installation of wind energy property, including by rural homeowners, farmers, ranchers, and small businesses, and for other purposes.

1.

Short title

This Act may be cited as the Rural Wind Energy Development Act.

2.

Credit for installation of wind energy property including by rural homeowners, farmers, ranchers, and small businesses

(a)

In general

Subpart B of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section:

30D.

Wind energy property

(a)

Allowance of credit

There shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to $1,500 with respect to each half kilowatt of capacity of qualified wind energy property placed in service or installed by the taxpayer during such taxable year.

(b)

Limitation

No credit shall be allowed under subsection (a) unless at least 50 percent of the energy produced annually by the qualified wind energy property is consumed on the site on which the property is placed in service or installed.

(c)

Qualified wind energy property

For purposes of this section, the term qualified wind energy property means a wind turbine of 100 kilowatts of rated capacity or less if—

(1)

such turbine is placed in service or installed on or in connection with property located in the United States,

(2)

in the case of an individual, the property on or in connection with which such turbine is installed is a dwelling unit,

(3)

the original use of such turbine commences with the taxpayer, and

(4)

such turbine carries at least a 5-year limited warranty covering defects in design, material, or workmanship, and, for property that is not installed by the taxpayer, at least a 5-year limited warranty covering defects in installation.

(d)

Limitation based on amount of tax

(1)

In general

The credit allowed under subsection (a) for any taxable year shall not exceed the excess of—

(A)

the sum of the regular tax liability (as defined in section 26(b)) plus the tax imposed by section 55, over

(B)

the sum of the credits allowable under this part (other than under this section and subpart C thereof, relating to refundable credits) and section 1397E.

(2)

Carryover of unused credit

If the credit allowable under subsection (a) exceeds the limitation imposed by paragraph (1) for such taxable year, such excess shall be carried to the succeeding taxable year and added to the credit allowable under subsection (a) for such taxable year.

(e)

Special rules

For purposes of this section—

(1)

Tenant-stockholder in cooperative housing corporation

In the case of an individual who is a tenant-stockholder (as defined in section 216(b)(2)) in a cooperative housing corporation (as defined in section 216(b)(1)), such individual shall be treated as having paid his tenant-stockholder’s proportionate share (as defined in section 216(b)(3)) of any expenditures paid or incurred for qualified wind energy property by such corporation, and such credit shall be allocated appropriately to such individual.

(2)

Condominiums

(A)

In general

In the case of an individual who is a member of a condominium management association with respect to a condominium which he owns, such individual shall be treated as having paid his proportionate share of expenditures paid or incurred for qualified wind energy property by such association, and such credit shall be allocated appropriately to such individual.

(B)

Condominium management association

For purposes of this paragraph, the term condominium management association means an organization which meets the requirements of section 528(c)(2) with respect to a condominium project of which substantially all of the units are used by individuals as dwelling units.

(f)

Basis adjustment

For purposes of this subtitle, if a credit is allowed under this section for any expenditure with respect to a dwelling unit or other property, the increase in the basis of such dwelling unit or other property which would (but for this subsection) result from such expenditure shall be reduced by the amount of the credit so allowed.

(g)

Application of credit

The credit allowed under this section shall apply to property placed in service or installed after December 31, 2006, and before January 1, 2012.

.

(b)

Conforming amendment

Subsection (a) of section 1016 of the Internal Revenue Code of 1986 (relating to general rule for adjustments to basis) is amended by striking and at the end of paragraph (36), by striking the period at the end of paragraph (37) and inserting , and, and by adding at the end the following new paragraph:

(38)

in the case of a dwelling unit or other property with respect to which a credit was allowed under section 30D, to the extent provided in section 30D(f).

.

(c)

Clerical amendment

The table of sections for subpart B of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after the item relating to section 30C the following new item:

.

(d)

Effective date

The amendments made by this section shall apply to taxable years ending after December 31, 2006.

3.

3-year accelerated depreciation period for wind energy property

(a)

In general

Subparagraph (A) of section 168(e)(3) of the Internal Revenue Code of 1986 is amended by striking and at the end of clause (ii), by striking the period at the end of clause (iii) and inserting , and, and by inserting after clause (iii) the following new clause:

(iv)

any property which would be described in subparagraph (A) of section 48(a)(3) if wind energy were substituted for solar energy in clause (i) thereof and the last sentence of such section did not apply to such subparagraph.

.

(b)

Conforming amendment

Section 168(e)(3)(B)(vi)(I) of such Code is amended to read as follows:

(I)

is described in subparagraph (A) of section 48(a)(3) if the last sentence of such section did not apply to such subparagraph,

.

(c)

Effective date

The amendments made by this section shall apply to property placed in service after December 31, 2006.